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While even a century ago, your station in life determined much about its quality, today luxury is mostly a matter of degree, not of kind.
I am not discouraged, because every wrong attempt discarded is another step forward.
This kind of connectivity is being injected into every facet of human activity, even manufacturing, creating a new semantic economy in which the transaction costs that Coase pointed to are becoming negligible. Ergonomically, he has a point, but what he misses is that tablet computers are connected to every other tablet computer and can reproduce complex information flawlessly anywhere in the world in an instant. My smartphone has the same technology that the richest person on the planet would buy.This brings us to another curious assertion of Nassim Talebs, that the tablet computer is, in a sense, a return to stone tablets."He loves to run, and I think he likes it when I let him know that I am in control Espinoza said.Espinoza, who has been riding professionally since 1993, told CNN that he is excited to get a second chance for greatness on June 7 on California Chrome.Its hard to argue with Taleb, a man of impressive erudition and impeccable logic, but I'm going to take a shot.The Simulation Economy While todays top organizations are more geared toward creating value than creating efficiency, the fact is that efficiency is moving faster than ever.
Anybody with a good idea can get access to capital, production, marketing and even supercomputing in the cloud while sitting at the breakfast table.
How does this happen?
The Hacker Economy I imagine that Talebs fascination with thousand year-old technologies has something to do with his strong sense of kinship with his aristocratic forebears (which he curiously seems to like to tout almost as much as his passion for street culture).
Google, Microsoft and, iBM have 50,000, 100,000 and 400,000 respectively.
Were not just purchasing an assortment of grains surrounded by cardboard, but an enormous amount of investment in informational technology, including computers, rfid chips and specially designed software algorithms.
The Passion Economy, the most conspicuous feature of Coasean firms was scale, because as long as savings from transaction costs exceeded the added organizational costs, a firm would get more efficient as it grew.The new reality is that the core function of todays enterprises is not to organize work, but to focus passion and purpose and the key attribute of successful 21st century firms is the ability to create meaning for employees, partners and consumers.But the horse stumbled out of the gate and finished eighth. So much so that accelerating returns is the new normal. We can connect, hack and co-create as much as our passion and purpose compel us.Curiously though, firms havent shrunk much.Thats the power of information."I want him to listen to me, what I want him to do during the race, and I think he likes that.".